ALEXANDRIA, Va. – The video recording of the Feb. 15, 2018, open meeting of the National Credit Union Administration board is now available on the agency’s website.
At the February open meeting, the board unanimously approved two items:
- A Share Insurance distribution of $736 million to eligible, federally insured credit unions in the third quarter of 2018
- A final rule amending the agency’s share insurance requirements rule to provide greater fairness, predictability, and transparency and add a temporary provision to govern share insurance equity distributions related to the Corporate System Resolution Program
The chief financial officer briefed the board on the performance of the National Credit Union Share Insurance Fund, which ended 2017 with a net position of $15.7 billion.
Archived videos of past board meetings may be viewed here, and each video remains on the site for one year.
Separately, NCUA has released its 2017 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for 2017.
“In 2017, we took a number of significant steps to strengthen the credit union system and to improve the NCUA’s efficiency, effectiveness, transparency, and accountability,” NCUA Board Chairman J. Mark McWatters said. “We also continued to make critical investments in new technology, processes, and systems that will reduce our regulatory footprint in credit unions in the future. Our accomplishments during the year are a testament to the professionalism and dedication of the NCUA’s employees.
“In 2018, we will advance several initiatives that will further reduce the regulatory burden on credit unions and improve the agency’s operations,” McWatters said. “Additionally, developing targeted regulation that is accompanied by a thoughtfully tailored supervisory and examination program will help the credit union community grow, thrive, and prosper. Through these efforts, and with the continued support of stakeholders in the credit union community and in Congress, we can lay the foundation for a more innovative and dynamic credit union system of the future.”
Throughout 2017, NCUA said it undertook a number of initiatives that strengthened the credit union system and enhanced the agency’s ability to carry out all aspects of its mission in a more efficient and effective manner.
The agency said its most “significant actions” in 2017 included:
- Closing the Temporary Corporate Credit Union Stabilization Fund prior to its scheduled expiration of 2021 and transferring its assets into the National Credit Union Share Insurance Fund
- Implementing an agency-wide realignment that consolidated several agency functions at the start of 2018 and will close two regional offices in 2019
- Making sizeable investments in new technology that will allow the agency to conduct its supervisory and examination functions in the future more efficiently and with fewer disruptions to credit union operations
- Enhancing the transparency and accountability of the NCUA’s decisions, operations and budget
- Taking steps to provide meaningful and significant regulatory relief